Did You Know?
Income taxes are so complex that there are up to 1.2 million paid tax preparers in the U.S.
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BUSINESS LAW FACTS
- Small Business - Small businesses account for more than 40 percent of the offline economy.
- Securities Fraud - Last year the Securities and Exchange Commission, other securities regulators and major U.S. securities firms reached a $1.5 billion global settlement involving the issue.
- Taxation - There are over 24 million business entities filing income tax returns (a number that is growing about 2% annually), but nearly 60% reported annual receipts of less than $25,000. Partnerships - It is estimated that there are 1,758,000 partnerships in the U.S. that account for more than 1.14 billion dollars a year in business (Bizstats)
- Internet Business - Online shopping captured nearly 2 percent of retail sales during the last quarter of 2003, ringing up more than $17 billion
- Women Owned Business - America's 9.1 million women-owned businesses employ 27.5 million people and contribute $3.6 trillion to the economy
- Banking & Finance - There are more than 8,800 community banks, including commercial banks and savings and loans, with 39,094 locations throughout the United States
- Business Bankruptcy - There were 34,885 Business bankruptcies filed in 2003 according to the American Bankruptcy Institute
- Internet Business - Online advertising spending will surge from $5.25 billion this year to $45.5 billion by 2005
- Workplace Accident - Slip and fall incidents cause 15% of all accidental deaths, and are second only to motor vehicle accidents as a cause of accidental deaths
- Family Business - Family businesses account for 50% of gross domestic output and employ half of the U.S. workforce
- Sexual Harassment - Studies have shown that anywhere from 30 to 70 percent of women have experienced some form of sexual harassment at some point in their lives Income taxes are so complex that there are up to 1.2 million paid tax preparers in the U.S.
- Business Fraud - It has been estimated that almost 10 percent of the United States' annual budget is paid either to companies or to persons who are defrauding the government
- Workplace Accident - It is estimated that 6 out of every 100 workers experienced a job-related serious injury or illness. 6,023 workers died on the job.
- Family Business - Over 1/3 of Fortune 500 firms are controlled by families and more than 30% of all family owned businesses survive into the second generation.
- Real Estate - According to the National Association of Realtors (NAR) there are more than 900,000 licensed realtors in the U.S. are an estimated 1,500 franchise companies operating in the U.S. doing business through more than 320,000 retail units
- Franchise Business - There 75 industries use franchising to distribute goods and services to consumers
- Franchise Business - There Average initial investment level for nearly 8 out of 10 franchises, excluding real estate, is less than $250,000
- Franchise Business - There Average royalty fees range from 3% to 6% of monthly gross sales
- Franchise Business - There Most franchise companies have fewer than 100 units
- Franchise Business - There Average length of franchise contract is 10 years
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